Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC charges Marcum LLP for quality control deficiencies, flyExclusive launches enhanced Jet Club and fractional program and Owlet announces clearance from FDA
SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies
The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of SPAC clients beginning at the latest in 2020.
The SEC’s order also found that Marcum’s deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm. Marcum agreed to pay a $10 million penalty to settle the charges.READ
flyExclusive Launches Enhanced Jet Club and Fractional Program
flyExclusive, a leading provider of premium private jet charter experiences, today announced expanded features to its award-winning Jet Club and fractional program that will allow members to benefit from increased savings and flexibility.
The program enhancements advance flyExclusive’s commitment to offering an unrivaled, best-in-class customer experience focused on safety, comfort and convenience.
EG Acquisition Corp. (NYSE:EGGF) announced its $600 million business combination with flyExclusive in October 2022.READ
Owlet Announces FDA-Clearance of the First Prescription Pulse Oximetry Sock for Infants
Owlet (NYSE: OWLT), the pioneer of smart baby monitoring, announces clearance from the U.S. Food and Drug Administration (“FDA”) of BabySat™, the first medical pulse-oximetry device featuring its advanced, wire-free sock design. Owlet is a leader in infant health data, having monitored more than 1 million babies, and with BabySat, combines its consumer-first expertise with hospital-grade monitoring accuracy.
Owlet completed its business combination with Sandbridge in July 2021.READ
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...